Strong fourth quarter results help Hanwha SolarOne narrow its net loss

Chinese solar products manufacturer Hanwha SolarOne Co., part of Korea’s Hanwha Group, grew its revenue 28.5% year on year in 2013 to reach $780.6 million. PV module shipments, including module processing services, reached 1,280.3 MW for the year, representing an increase of 54.3% from 829.8 MW in 2012. Module processing services accounted for 8.7% of total revenue last year. In 2013, Hanwha narrowed its annual net loss by about 44% year on year, recording a loss of $144.4 million.
For the fourth quarter, Hanwha recorded revenue of $213.9 million, up 14.1% sequentially and 54.8% year on year. Shipments for the quarter totaled 352.2 MW, up from 198.9 MW for the same quarter a year earlier. About 44% of Q4 2013 revenue came from Japan, while 16% came from China, 11% from the US and 7% each from Germany and Korea. Net loss for the quarter came to $3.6 million compared to a loss of $107.6 million for the prior year.
Looking forward, Hanwha expects ship about 350 MW of modules in the first quarter of 2014, on par with the previous quarter. For full year 2014, the company forecasts modules shipments of 1.5 to 1.6 GW. Approximately 25% to 30% of total shipments will be for PV module processing services. Hanwha expects capital expeditures in 2014 to reach $80 million, largely for maintenance and automation of existing manufacturing lines. As of Dec. 31, 2013, Hanwha had production capacity of 800 MW for ingots and wafers, 1.3 GW for cells and 1.5 GW for modules. The company is considering expanding cell and module capacity to 1.5 GW and 2.0 GW beginning in 2014; however no specific decision on the matter has been reached. The capital expediture figure therefore does not take into account the possible capacity expansion.

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